I Introduction

As any commercial lawyer will confirm, the Supreme Court in Marex Financial Ltd v Sevilleja1 a couple of years ago carried out a nifty but thorough brush-clearing operation on our company law. In that momentous decision, it deftly destroyed with one grand slash most of the impenetrable undergrowth which had in the course of 40 years sprouted luxuriantly from the reflective loss rule, leaving merely a bare stem standing.